A Crisis Within a Crisis
The healthcare industry is facing a profound workforce challenge. The ongoing shortage of doctors, nurses, and mental health professionals has only been exacerbated by the COVID-19 pandemic, leading to high rates of burnout, stress, and early retirement. According to the National Council of State Boards of Nursing (NCSBN), approximately 100,000 registered nurses left the profession during and after the pandemic, with over 600,000 nurses—nearly 200,000 of whom are under the age of 40—expected to leave by 2027. Meanwhile, the Association of American Medical Colleges (AAMC) estimates the U.S. could be short 124,000 doctors by 2034.
Healthcare leaders are now searching for tools to help them recruit and retain valuable staff members, and one of the most effective solutions is offering a competitive retirement plan.
Mutual of America Financial Group: Helping Healthcare Providers Address Workforce Challenges
“A competitive retirement plan can help reduce recruiting and employee turnover costs, even factoring in the added payroll cost of providing an employer matching contribution.”
— Louise McCarthy, President and CEO, Community Clinic Association of Los Angeles County (CCALAC)
Mutual of America Financial Group understands the unique challenges that healthcare organizations, especially Community Health Centers (CHCs) and Federally Qualified Health Centers (FQHCs), face in attracting and retaining talent. These healthcare institutions are among the largest primary care networks in the U.S., providing essential care to underserved populations. However, they struggle with limited resources, low compensation compared to private practices, and a rising demand for services.
An improved retirement plan can be a powerful tool in helping these organizations retain staff, reduce turnover, and improve overall employee satisfaction.
The Benefits of an Improved Retirement Plan
1. Attract Top Talent
In a competitive job market, healthcare professionals are looking for more than just a paycheck. Offering a robust retirement plan can make a significant difference in attracting talented individuals who want to secure their financial future while serving vulnerable populations.
2. Retain Experienced Staff
For many healthcare workers, including doctors, nurses, and mental health professionals, job satisfaction is closely tied to financial security. A competitive retirement plan can help reduce turnover, ensuring that experienced staff members remain in place to provide quality care.
3. Support Organizational Mission
The mission-driven nature of CHCs and FQHCs makes it even more critical to retain staff. Workers in these organizations are often driven by a desire to serve underserved communities, but they still need the financial tools to make their work sustainable. A strong retirement plan can alleviate some of the stress associated with financial planning and make staying in these high-demand jobs more viable in the long term.
4. Reduce Costs of Employee Turnover
High employee turnover comes with significant costs. By offering a competitive retirement benefit, healthcare organizations can reduce recruiting and training costs, while fostering a more loyal and committed workforce.
How Mutual of America Financial Group Can Help
Mutual of America Financial Group provides comprehensive retirement planning services that are tailored to the unique needs of healthcare organizations, including CHCs and FQHCs. Our services include:
- Employer-Sponsored Retirement Plans
We offer 401(k) and 403(b) retirement plans that are flexible and easy to administer, helping healthcare organizations stay competitive in attracting and retaining staff. - Employer Matching Contributions
Our plans allow employers to offer a matching contribution to help employees grow their retirement savings—an important tool in enhancing employee loyalty. - Comprehensive Support
Our dedicated representatives work closely with healthcare organizations to ensure their retirement plans are running smoothly. Our user-friendly online tools and mobile app provide employees with easy access to their accounts, and our representatives are always available to assist with any questions or issues.
This article is posted at mutualofamerica.com
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